Comments and pre-market: Eavex Ukraine Market Monitor: Feb 20

Analytics and Market news

Thursday, 20 February 2014

Eavex Ukraine Market Monitor: Feb 20

Eavex Capital

Local Ukrainian stocks sold off heavily for a second day on Wednesday (Feb 19) as the European Union scrambled its diplomats to try to prevent the eruption of all-out civil war in Kyiv. The UX index added to its 4% decline on Tuesday by dropping another 2.0% to close at 872 points. Worst-hit was Raiffeisen Aval (BAVL), which slid 5.5%, and top liquid issue Motor Sich (MSICH) was down 3.3% to UAH 1845 after being within striking range of the UAH 2000 level on Monday. Ukrainian names traded abroad were hit hard, with Astarta (AST) sliding 6.5% to PLN 54.80 and Kernel (KER) also losing 5.2%. In London, MHP (MHPC) declined by 1.8% to USD 13.10 and Ferrexpo (FXPO) shed 2.2%. The fall in local Ukrainian stocks continued today, with the UX index having lost 2.2% as of noon.

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